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Consumer prices rose 3.5% year over year in March

Consumer prices rose 3.5% year over year in March

A shopper takes a carton of eggs from the refrigerator at a grocery store in Washington, D.C., on Saturday, April 6, 2024.

Tom Williams | Cq-roll Call, Inc. | Getty Images

The consumer price index accelerated faster than expected in March, pushing inflation higher and the Federal Reserve likely to keep interest rates steady.

The Consumer Price Index, a broad measure of the costs of goods and services across the economy, rose 0.4% during the month, bringing the 12-month inflation rate to 3.5%, or 0.3 percentage points higher than in February. Economists surveyed by Dow Jones were looking for a gain of 0.3% and a level of 3.4% on an annual basis.